Related Cos. Acquires Office Property In West Palm Beach For $282M
SOLD
$282,000,000
+ 2
Florida
See Similar DealsOffice226,711 SF
Sold 01/13/2021
SOLD
Related Cos. Acquires Office Property In West Palm Beach For $282M
777 South Flagler Drive, West Palm Beach, FL, USA
See Similar DealsOffice226,711 SF
Sold 01/13/2021
+ 2
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$1,243
Total Square Footage:226,711 SF
Transaction Type:Sale
Related Cos., led by Stephen Ross, has acquired an office asset in West Palm Beach. The property, located at 777 S. Flagler Drive, was purchased from AEW Capital Management for a total of $282,000,000.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $282,000,000
- Date: 1/13/2021
- Market: West Palm Beach
- Buyer: Related Cos. - Stephen Ross
- Seller: AEW Capital Management
- Brokers: Hermen Rodriguez, Ike Ojala, Matt McCormack, & Cody Brais
The acquisition of the office asset on 777 S. Flagler Drive in West Palm Beach was completed by Related Cos., with Stephen Ross leading the transaction. The property was sold by AEW Capital Management. The deal was facilitated by brokers Hermen Rodriguez, Ike Ojala, Matt McCormack, and Cody Brais.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$15,040,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,001,886.43
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,336,823.87
Annual Debt Service$16,041,886.44
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